Mapletree Industrial Trust (MAP1.SI): 1QFY27 in-line: Reversion held up but occupancy decline continues; Neutral

Research evidence excerpt

Mapletree Industrial Trust (MAP1.SI): 1QFY27 in-line: Reversion held up but occupancy decline continues; Neutral

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Disclosures

The rating(s) for Mapletree Industrial Trust is/are relative to the other companies in its/their coverage universe: CapitaLand Ascendas REIT,

CapitaLand Integrated Commercial, Capitaland Investment Ltd., Central Pattana, City Developments, Frasers Centrepoint Trust, Keppel DC REIT, Keppel

Ltd., Keppel REIT, Mapletree Industrial Trust, Mapletree Logistics Trust, Mapletree Pan Asia Commercial Trust, UI Boustead REIT, UOL Group, WHA Corp.

Company-specific regulatory disclosures

The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, “Goldman Sachs”) and companies covered

by Goldman Sachs Global Investment Research and referred to in this research.

There are no company-specific disclosures for: Mapletree Industrial Trust (S$1.93)

Distribution of ratings/investment banking relationships

Goldman Sachs Investment Research global Equity coverage universe

Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell

Global 50% 34% 16% 65% 59% 43%

As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys

and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the

purposes of the above disclosure required by the FINRA Rules. See ‘Ratings, Coverage universe and related definitions’ below. The Investment Banking